(PharmaNewsWire.Com, February 13, 2019 ) According to the new market research “Behavioral Health Software Market by Component (Service, Software), Delivery (Subscription, Ownership), Functionality (Clinical, Administrative, Financial), End User (Clinic, Hospital, Private Practice, Payer), and Region - Global Forecast to 2022", The behavioral health software market is expected to reach USD 2.31 Billion by 2022 from USD 1.15 Billion in 2017, at a CAGR of 14.8%.
The growth of the market is attributed to the increasing adoption of behavioral health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage.
Support services expected to dominate the market in 2017
Based on component, the behavioral health software market is segmented into software and support services. In 2017, the support services segment is expected to account for the largest share of the behavioral health software market. The recurring requirement of support services (such as for software upgrades and maintenance) is the major factor supporting its growth.
Browse and in-depth TOC on in “ Behavioral Health Software Market "
Based on functionality, the clinical functionality segment is projected to grow at the highest CAGR during the forecast period.
By functionality, the behavioral health software market is segmented into clinical, financial, and administrative functionalities. The clinical functionality segment is expected to register the highest rate during the forecast period. High growth in the clinical functionality segment is attributed to the increasing government initiatives to boost adoption of this software by clinicians to provide quality care to their patients at lower costs.
North America to dominate the behavioral health software market
In 2017, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as growing number of people requiring behavioral health services, behavioral health reforms in the US, and government funding for behavioral health services in the region.
Market Players
Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), ICANotes (US), InSync Healthcare Solutions (US), iSalus Healthcare (US), Kareo (US), Meditab Software (US) are among a few major players in the behavioral health software market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
